Date: 4/6/99 12:33 PM
Subject: OTC BB reporting requirements - Amendments to Rule 15c2-11
Dear Mr. Katz:
I would like to state my opposition to the proposed amendments to Rule
15c2-11 which require OTC market makers to keep a file on each BB
company that they make a market in. I realize that the SEC is
attempting to better govern the smaller companies, but please do not
harm the legitimate small companies because some fraud took place with a
small number of companies.
Without the OTC BB as a vehicle, my company, VASCO Data Security
International, Inc., could not have gotten to where it is today. We
needed a "vehicle" with which to finance our business, and to acquire
other companies. We have grown from $3.0 million in sales in 1995 to
$15 million sales in 1998, with a plan for $24 million in 1999. Our
business is network security, and is helping E-Commerce become a
reality.
We will soon apply for the Nasdaq Small Caps exchange. Like VASCO,
other companies which find it difficult/impossible to obtain funding may
use the OTC BB as their "vehicle."
Thank you for your consideration.
Sincerely,
T. Kendall Hunt
CEO